Q2 2022 Cenovus Energy Inc Earnings Call
Maximum of one follow up you can rejoin the queue for any other questions. Alex. Please go ahead.
Thanks, Sherry and good morning, everyone as always I am going to start this morning's call with our top priority health and safety.
<unk> at Synovus is to continuously raise the bar on safety and reliability through a learning culture. This quarter presented additional challenges as we undertook a number of planned turnarounds and maintenance programs at our operated assets in the upstream we safely and successfully executed a large turnaround.
Christina Lake along with normal course maintenance at some of our Lloyd thermal projects and in Canadian manufacturing, we safely and successfully completed planned turnarounds at both our upgrader and refinery and Lloyd Minster I want to highlight these accomplishments and thank our staff for their ongoing dedication to safety and <unk>.
Liability, having these turnarounds and maintenance activities completed positions us well for the back half of the year before.
Before moving on to our Q2 results I'll also note that we released our 2021.
<unk> report today it is available on our website and updates of progress, we're making towards our targets. This includes our efforts on reducing emissions and progressing carbon capture and storage projects as we build towards our longer term ambition of net zero emissions by 2050.
Turning now to our results over the second quarter, we demonstrated the continued strength of our operations. Following the successful turnaround Christina Lake quickly returned to normal production rates and the asset has been running exceptionally well in July reaching over 206.
7000 barrels on a single day at Foster Creek following a thorough technical and safety review, we've deferred a turnaround originally planned for Q3 to next year. The teams work diligently to optimize the maintenance intervals of the project and we are confident in our ability to continue operating safely.
And reliably.
Youll see that we have increased our full year production guidance slightly and the deferral is reflected there.
The Lloyd Mr. Thermals continue to run at high rates and we've started steaming the new spruce Lake North project. This will add 10000 barrels per day of capacity and production is expected to come online in early August were also on track to close the purchase of the other half of Sunrise in the third quarter. Our team is excited.
To further deploy our synovus operating model, we plan to get production up to its nameplate of 60000 barrels per day with potential to get even beyond that in the future.
In the downstream with the exception of our Lima refinery basically all of our refineries and the upgrader were in turnaround at some point during the quarter. This means reduced throughput, but at the same time. We also saw unprecedented margins in U S refining given historic high cracks.